Avalanche’s Token Avax has left its correction phase of several weeks, which demonstrates a remarkable force despite continuous geopolitical tensions that affect cryptocurrency markets.
The wider market caliber, Coindesk 20 Index (DLCS), has demonstrated an exceptional uphill, emerging from 1403.33 to 1461.17 in the last 48 hours, which represents a gain of 4.12%, while the general range covers 95.56 points (6.97%) from the minimum of 1365.61 to the maximum of 1461.17.
The recent AVAX price action shows an accelerated impulse with the formation of a bull flag pattern and a decisive breakdown above $ 20.40, coinciding with important institutional developments in the ecosystem, According to the technical analysis data of Coindesk Research.
TECHNICAL ANALYSIS
- Avax demonstrated a notable force, emerging from 18.87 to 20.89, which represents a 10.7%gain.
- The price action reveals a clear bullish trend with higher minimums that form a strong line of support trend around 19.50.
- After consolidating between 19.30 and 19.70 on April 20, Avax experienced a significant break on April 21, with a volume increasing substantially as the price exceeded above 20.00.
- The most recent 48 -hour show accelerated the impulse with the formation of a bull flag pattern and a decisive breakdown above 20.40, which suggests greater upward potential.
- The key resistance in 20.90 now becomes the level to observe, with Fibonacci extension objectives that point to 21.50 as the following significant objective.
- In the last 100 minutes, AVAX increased from 20.61 to 21.04, which represents a gain of 2.1%.
- After consolidating between 20.50-20.60 during term 13: 20-13: 40, Price formed a solid base before starting a powerful ascending movement.
- The decisive rupture occurred at 14:40 with an extraordinary volume (146,387 units), creating a strong support level in 20.80.
- Multiple high volume candles followed between 14: 44-14: 48, pushing the price through the critical psychological barrier of 21.00 with the increased volume increase (142,112 units) at 14:47.
- This complete breakdown the bullish pattern established in the previous 48 hours, with fibonacci extension objectives that now suggest 21.50 as the following significant objective.
Discharge of responsibility: This article was generated with artificial intelligence tools and reviewed by our editorial team to guarantee the precision and compliance with our standards. For more information, see Coindesk’s complete policy. This article may include information from external sources, which are listed below when appropriate.
External references:
